Author Topic: EQS, ENG, ECG deal  (Read 1259 times)

bushwakka

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EQS, ENG, ECG deal
« on: December 01, 2016, 12:16:13 pm »
How is the Eqstra sale to ENX and share distribution by Eqstra  of ENX shares being handled in the Challenge?

bushwakka

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Re: EQS, ENG, ECG deal
« Reply #1 on: December 01, 2016, 12:19:03 pm »
Sorry, correction EXG

Patrick

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Re: EQS, ENG, ECG deal
« Reply #2 on: December 02, 2016, 07:58:39 am »
Hey Bushwaka, do you have a URL describing what's happening, how much money and/or shares are involved. Generally in the competition we force people to take the offers.

bushwakka

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Re: EQS, ENG, ECG deal
« Reply #3 on: December 07, 2016, 05:37:40 pm »
This is the best I can do. ENX bought part of EQS recapitalised them and also gave them shares in ENX which EQS distributed to EQS shareholders. They then changed their name to EXG.

What needs to be done is that my EQS has to be changed to EXG and shares in the ratio outlined should be raised in the name of ENX, i.e I retain the same number of shares as per my EQS holding but the name changes to EXG. You then have to add ENX to my portfolio as outlined below. More info on the deal can be found in the SENS under EQS.

EQSTRA HOLDINGS LIMITED
(Incorporated in South Africa)
(Registration number 1998/011672/06)
Share code: EQS ISIN: ZAE000117123
(?Eqstra? or the ?Company?)

Finalisation announcement in relation to the proposed disposal of Eqstra?s Fleet Management and
Logistics Division and Industrial Equipment Division to enX Group Limited (?enX?), together with a
recapitalisation of the remaining Eqstra business by enX (?Disposal?), the unbundling of the enX
Consideration Shares to Eqstra shareholders (?Unbundling?) and the proposed name change
(?Change of Name?) (?Proposed Transaction?)

Shareholders are referred to the announcement released on SENS on 22 September 2016 in which
the Company announced that all resolutions were passed at the general meeting in relation to the
Proposed Transaction, and to the circular dated 24 August 2016 relating thereto, which should be
read in its entirety for a full understanding of the Proposed Transaction.

The Board has pleasure in announcing that all suspensive conditions in relation to the Proposed
Transaction have been fulfilled, and the Proposed Transaction is now unconditional. The effective
date of the Disposal is 8 November 2016.

Set out below is confirmation of the salient dates and times relating to the implementation of the
Proposed Transaction:

                                                                                            2016
 Last day to trade in Eqstra ordinary shares on the JSE to participate     Tuesday, 15 November
 in the Unbundling1
 Last day to trade in Eqstra ordinary shares under the old name            Tuesday, 15 November
 Listing and trading of the new Eqstra ordinary shares under the new     Wednesday, 16 November
 name ?eXtract Group Limited? (ISIN: ZAE000223202) and removal of
 the old Eqstra ordinary shares on the JSE trading system
 Announcement relating to the ratio apportionment of expenditure          Thursday, 17 November
 and market value in respect of the Unbundling by Eqstra of the enX
 Consideration Shares to be released on SENS
 Announcement relating to the cash value (?Cash Value?) determined        Thursday, 17 November
 for use in the payment of fractions as a result of the Unbundling to
 be released on SENS
 Unbundling record date to receive enX Consideration Shares and             Friday, 18 November
 record date for the new name ?eXtract Group Limited?
 enX Consideration      Shares   unbundled     to   Eqstra   ordinary       Monday, 21 November
 shareholders
 Eqstra ordinary shareholders? accounts with CSDP or broker updated         Monday, 21 November
 Issue of ordinary shares with the new name ?eXtract? and                   Monday, 21 November
 certificates posted/CSDPs and brokers accounts updated
Notes:
1. The Unbundling will be in the ratio of 0.13 enX Consideration Shares for every 1 Eqstra ordinary
   share held at the close of business on the Unbundling record date (subject to the rounding
   principles contained in the Eqstra memorandum of incorporation i.e. allocations will be
   rounded down to the nearest whole number, resulting in allocations of whole enX Consideration
   Shares and a cash payment for the fraction). The weighted average traded price
   of an enX Share for last day to trade + 1 (i.e. Wednesday, 16 November 2016) less 10% will be
   used as the Cash Value.
2. All dates and times shown above are South African dates and times.

bushwakka

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Re: EQS, ENG, ECG deal
« Reply #4 on: December 08, 2016, 06:44:28 am »
I have done a little bit more research into the split and it works as follows:

Seems for every Eqstra share (EQS) you get 0.13 ENX shares, i.e. 10,000 EQS shares entitles you to a distribution of 1300 ENX shares.

The cost factor for each seems to be as follows:

The EQS share cost proportion becomes 0.138829 of the original cost and the remaining 0.861171 is allocated to the ENS shares distributed.

The EQS share coded is then changed to EXG.

In my case I hold 181486 EQS shares so you would need to add 23593 ENX shares to my portfolio, change the EQS to EXG and then allocate the cost as to 34.29 cents (R62233) to EXG (old EQS) and 1636.22 cents (R386037) to ENX.

When you link the new codes the correct values will reflect the current EXG price of 35 cents and ENX price of 1779 cents.

Trust this helps.

Patrick

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Re: EQS, ENG, ECG deal
« Reply #5 on: December 08, 2016, 10:02:58 am »
Oh good, I thought it was going to be something complicated ???

I should be able to make the changes soon. Do you know what the date was when it should have happened?

The costs sometimes get messed up a little but it won't affect your net worth.

bushwakka

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Re: EQS, ENG, ECG deal
« Reply #6 on: December 08, 2016, 11:01:16 am »
Sorry about the problem you have landed with  ::)  ;)

Seems the date is 21st November 2016